Flowers Foods (FLO) financial statements
Flowers Foods reported revenue of $5.3B in fiscal 2025, up 3.3% a year over 9 years.
Net income was $84M and the operating margin 3.3%, against 6.7% in 2016.
Free cash flow was $319M, and the company returned $209M in dividends and $5M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Flowers Foods's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.9B | $3.9B | $4.0B | $4.1B | $4.4B | $4.3B | $4.8B | $5.1B | $5.1B | $5.3B |
| Cost of revenue | — | $2.0B | $2.1B | $2.2B | $2.2B | $2.2B | $2.5B | $2.6B | $2.6B | $2.7B |
| Gross profit | — | $1.9B | $1.9B | $2.0B | $2.2B | $2.2B | $2.3B | $2.5B | $2.5B | $2.6B |
| Research and development | $3M | $2M | $5M | $4M | $4M | $6M | $6M | $6M | $5M | $9,300 |
| Selling, general and admin | $1.5B | $1.5B | $1.5B | $1.6B | $1.7B | $1.7B | $1.9B | $2.1B | $2.0B | $2.1B |
| Operating income | $265M | $161M | $212M | $225M | $321M | $295M | $303M | $173M | $348M | $174M |
| Interest expense | $35M | $37M | $36M | $39M | $39M | $32M | $29M | $37M | $37M | $77M |
| Pre-tax income | $250M | $149M | $197M | $212M | $201M | $271M | $299M | $157M | $329M | $115M |
| Income tax | $86M | -$827,000 | $40M | $48M | $48M | $65M | $70M | $34M | $81M | $31M |
| Net income | $164M | $150M | $157M | $165M | $152M | $206M | $228M | $123M | $248M | $84M |
| EPS (diluted) | $0.78 | $0.71 | $0.74 | $0.78 | $0.72 | $0.97 | $1.07 | $0.58 | $1.17 | $0.40 |
| Diluted shares | 210M | 210M | 212M | 212M | 212M | 213M | 213M | 213M | 212M | 212M |
| Gross margin | — | 48.7% | 47.7% | 47.7% | 50.0% | 49.8% | 47.9% | 48.3% | 49.5% | 48.9% |
| Operating margin | 6.7% | 4.1% | 5.4% | 5.5% | 7.3% | 6.8% | 6.3% | 3.4% | 6.8% | 3.3% |
| Net margin | 4.2% | 3.8% | 4.0% | 4.0% | 3.5% | 4.8% | 4.8% | 2.4% | 4.9% | 1.6% |
Balance sheet
Fiscal years, from Flowers Foods's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $6M | $5M | $25M | $11M | $307M | $186M | $165M | $23M | $5M | $12M |
| Inventory | $111M | $111M | $123M | $127M | $125M | $135M | $169M | $184M | $172M | $202M |
| Total current assets | $477M | $507M | $544M | $554M | $838M | $746M | $805M | $688M | $656M | $729M |
| Property, plant and equipment | $781M | $732M | $744M | $718M | $699M | $799M | $849M | $963M | $964M | $953M |
| Goodwill | $466M | $465M | $545M | $545M | $545M | $545M | $545M | $678M | $680M | $1.0B |
| Total assets | $2.8B | $2.7B | $2.8B | $3.2B | $3.3B | $3.3B | $3.3B | $3.4B | $3.4B | $4.2B |
| Total current liabilities | $341M | $394M | $400M | $528M | $504M | $520M | $564M | $659M | $549M | $976M |
| Long-term debt | $947M | $820M | $975M | $863M | $960M | $891M | $892M | $1.0B | $1.0B | $1.4B |
| Total liabilities | $1.6B | $1.4B | $1.6B | $1.9B | $2.0B | $1.8B | $1.9B | $2.1B | $2.0B | $2.9B |
| Shareholders' equity | $1.2B | $1.3B | $1.3B | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B | $1.4B | $1.3B |
| Net debt | $940M | $815M | $954M | $855M | $653M | $705M | $727M | $1.0B | $1.0B | $1.7B |
Cash flow
Fiscal years, from Flowers Foods's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $357M | $297M | $296M | $367M | $454M | $345M | $361M | $349M | $413M | $446M |
| Capital spending | $102M | $75M | $99M | $104M | $98M | $136M | $169M | $129M | $132M | $127M |
| Free cash flow | $255M | $222M | $196M | $263M | $357M | $209M | $192M | $220M | $281M | $319M |
| Stock-based compensation | $19M | $16M | $8M | $7M | $13M | $21M | $26M | $27M | $30M | $32M |
| Dividends paid | $131M | $141M | $150M | $160M | $167M | $176M | $187M | $195M | $203M | $209M |
| Share buybacks (net) | -$126M | -$3M | -$2M | -$7M | -$783,000 | -$10M | -$35M | -$46M | -$23M | -$5M |
| Net borrowing | — | -$124M | $173M | -$114M | $92M | -$82M | $0 | $155M | -$28M | $740M |
| Free cash flow margin | 6.5% | 5.7% | 5.0% | 6.4% | 8.1% | 4.8% | 4.0% | 4.3% | 5.5% | 6.1% |
| Dividends per share | $0.62 | $0.67 | $0.71 | $0.75 | $0.79 | $0.83 | $0.87 | $0.91 | $0.96 | $0.99 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for FLO.
Open FLO in InvestinglyQuestions
What was Flowers Foods's revenue in 2025?
$5.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Flowers Foods generate?
$319M in fiscal 2025 (operating cash flow minus capital spending).
From Flowers Foods's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.